Market Insights 06/08/2024

DAILY MARKET REPORT – 06/08/2024

After plenty of bullish sentiment seen last week, this week started with an end to that momentum as a corrective move was seen with a soft start to get the week underway.

Global concerns around the economy also shifted financial markets in a similar direction, and no further escalation in the Middle East in recent days may have influenced energy markets also.

Yesterday saw the TTF Front Month contract settle at €35.50 (from €36.65) and the NBP Front Month contract at 87.05p (from 89.80p).

Dvalin on unplanned outage this morning and we see a flow level at 351mcm (356) Russian nominations showing Velke Kapusany at 39.0mcm (40.2) and Sudzha at 42.4mcm (42.3). Nord Stream remains unavailable. EU gas storage showing at 85.97% full as per AGSI+. LNG vessels due to arrive in UK next couple of weeks is 0.

This morning we see the Front Month TTF contract at €36, NO CHANGE to the previous settlement.

A quick check on some key contracts (rounded to nearest whole):
Curve TTF Front Month €36, Front Season €39 (vs €36 and €40)
Curve NBP Front Month 87p, Front Season 101p (vs 90p and 104p)
UK Gas NBP spot 78p (from 84p)
UK Power DA £74 (from £60)

UK power prices show the UK Front Month Baseload contract at £75 (£77) and Front Season at £87 (£89).

In other areas of the market Brent Oil is at $76 ($77) and EUAs are at €69 (€71). Henry Hub is at $1.94 ($1.97) and JKM is at $12.45 ($12.52) with TTF Equiv of $11.42 ($11.75).

Numbers in brackets show the previous reports value.